Tech powers Wall Street higher

Monday, May 22, 2017 - 01:07

Stocks rose for a third straight day in a broad-based advance. Tech and defense shares drove the rally. Fred Katayama reports.

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Tech and defense stocks powered Wall Street higher. Stocks rose for a third straight day in a broad based advance. President Donald Trump's trip to Saudi Arabia sealed $110 billion in deals to supply Riyadh with arms.
Chase chief economist Anthony Chan.
SOUNDBITE: ANTHONY CHAN, CHIEF ECONOMIST, CHASE, (ENGLISH) SAYING:
"Clearly the defense sector is hot, and they're likely to be more of these deals in the next couple of years. And keep in mind that if this deal comes to full fruition, we're talking over $300 billion over the next ten years, and this is just the start."
The Saudi deal fired up shares of contractors like Boeing, General Dynamics, and Raytheon. Boeing was the Dow's biggest gainer.
Ford rose after the automaker named James Hackett to replace Mark Fields as CEO. Hackett leads the company's self-driving car unit.
Qualcomm shares shot higher after JP Morgan upgraded its stock to "overweight" from "neutral."
Mixed markets in Europe. A rally in telecom and utilities stocks were offset by a decline in tech and industrial shares.

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